Credit Union ‘can’t bank on Co-op’s service’

A frustrated finance boss has attacked the Co-op Bank for its poor service.

David Screen, the chief executive of Reading Credit Union, said it was taking hours to carry out simple transactions online and he has had to revert to the lengthy telephone banking service.

Calls to complain are answered only by machines and letters to the Reading branch have gone unanswered.

The bank has acknowledged the problems and said it is investing in a new system.

Mr Screen was forced to put a message on the credit union’s website last week apologising to customers for not being able to process payments more quickly because of the problems with the Co-op.

The Credit Union, based in London Street, Katesgrove, offers low cost loans to members and free financial advice to help people on low incomes resolve their debts and start saving.

He said: “Someone comes in and wants to withdraw some funds or wants to pay some money into us, we get online and because of problems with the website, it’s been taking our finance manager an hour or more to carry out a transaction.

“We make dozens of money moves every day as we have over 500 members who save and borrow from us. I have tried sorting things out or complaining but you only talk to a computer when you ring up and what’s worse, the local Reading branch ignore my letters.”

Mr Screen said the Co-op Bank website regularly crashes before you can log in or freezes in the middle of a transaction.

The Credit Union, which is a community co-operative bank run by members without any shareholders, has been banking with the Co-op since it started up two years ago. But Mr Screen said the service had deteriorated in the last three or four months.

He said: “We’re not the biggest company in Reading but we have certainly got a serious chunk of money with them.

“You would expect your local manager to make contact and say can we help you?”

A spokeswoman for Co-operative Financial Services said: “We acknowledge that the system being used by the Credit Union is not currently performing consistently to the level they require and we are sorry for the inconvenience.

“The bank is investing heavily in a new system that will launch shortly which will replace and significantly enhance the existing service.

“In the meantime we are speaking to the customer to discuss potential short term alternatives that we can offer in order to help.”